What is the spread between mortgage rates and the 10-year Treasury yield, and why does it matter?
As of the latest available data, the 30-year fixed mortgage rate (Freddie Mac PMMS) is 6.580%. The 10-year Treasury reference series needed to compute the full spread is temporarily unavailable; check back soon. The mortgage-Treasury spread is the difference between the two, the closest risk-free benchmark for long-duration lending. A wider spread means mortgage rates are priced richer relative to the risk-free rate, often reflecting mortgage-backed-security demand, prepayment risk, or lender margin, rather than Treasury yields alone driving mortgage rates.
Last updated July 23, 2026Today's figures
| Freddie Mac PMMS (30-year fixed) | 6.580% (as of Jul 23, 2026) |
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Both figures are public benchmark series, not a quote, a commitment, or any individual lender's rate.
How is the spread calculated?
The spread shown is the Freddie Mac PMMS 30-year fixed mortgage rate minus the 10-year U.S. Treasury par yield on the same date, expressed in percentage points (basis points/100). It is a market benchmark, not a quote, and is not the same as any individual lender's rate or margin.
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Why does the spread change over time?
The spread widens or narrows with mortgage-backed-security investor demand, prepayment expectations, lender capacity and margin, and broader credit conditions, not from Treasury yields alone. A historically wide spread generally means mortgage rates have not fallen as much as Treasury yields would suggest, and vice versa for a historically narrow spread.
Where does this data come from, and what are its limits?
The mortgage side is the Freddie Mac Primary Mortgage Market Survey (PMMS) 30-year fixed national average. The Treasury side is the U.S. Department of the Treasury's daily par yield curve, 10-year maturity. Both are public benchmark series; neither reflects any individual borrower's rate or any lender's actual cost of funds.